All Forum Posts by: Jean Pierre

 Yeah that would be great if you're willing to share. 

Where can I find a list of loan brokers from PR. Besides the top 3 backs who else offers loans in PR that is not private money? 

I'm looking into buying a condo to keep for a year and Rent and buy another one. How does one qualify for the next property and be able to keep the existing one? 

Let's say I have an income of 120k and min payments of around $300. It looks like I qualify for around 500k If I buy a 380k condo that I can live in for a year and then rent. The rent will cover the mortgage. This is in south Florida, so I won't have much cash flow if we use traditional formulas. Let's just say that I can rent it for 3k, and all my costs will be 3k. Basically, $0 cash flow on day one. My understanding is that when you are getting qualified for your next mortgage, you will need to have a signed lease for the income to be included in your next property, but how does it work?

Do they just remove that 3k from my dti or do they remove 70% of the income from my DIT for example 2100 making my now min payments be around 1200 reducing what I qualify for on the next property?  

I'm looking at a house that is listed by HUD for 67K but it's been on the market for almost 5 months. has anyone had any luck making low offers? Say 45K on a 67K asking. Is that to crazy? I want to buy it to convert it into section 8 housing.

what's the cash on cash return? Does this deal work if you put down 25% 

I live in Miami near the airport in a nice area (renting), not near the beach. This is a new development and we are interested in buying our first place but I'm seeing listing last more than 19 to 20 days on the market. Is this normal. I know the market has been hot but this seems like a long time for this market. The price ranges from 380K to 600K+ all lasting around the same amount of time on the market. In some cases, it's 30+ days.

I'm looking in the Orlando area and when I look for sold property in the last 90 days new listings are around 30% more than one from sept for example.

I'm I doing something wrong 😂

You need "cash" for a down payment. How much is the price of the unit?  

@Marc Starkman Most likely TX. 

I'm in an interesting situation. I'm currently living in Miami but only plan on staying here for the next 3 to 4 years currently in a nice area and I have been looking to buy a condo next to the apartment complex I rent from or buy one or 2 rental units in Orlando 

If I were to buy a place next door I would be paying more for the apt than what I'm currently paying in rent. The reason for this is because it would be a 3 bedroom 2 bath apt vs a 1 bedroom 1bath with a den. Obviously, that is only going to be that way until the lease is up and I need to renew at a most likely higher rate but still it would take a large increase to match the payments. The properties I'm looking at are around 400k to 460K

The other option is to buy one or 2 cheaper rental units in say Orlando ( I lived there before and my family owns a rental there so I know the area better)

with option one, it would be a good deal after I move if I could get a rent rate similar to the building I'm renting from or about 3800, but I have seen people list there 3bd 2 ba for around $2500 $2700 not sure why there is a significant disparity the SQF are about the same and the amenities are similar. Is this a thing? Do you get less rent than a purposely built rental building when renting out your condo? 

basically, Should I buy a place to live in for the next 3 to 4 years to then rent it out when I leave or buy rental units in another city. What I'm sure about is that I'm going to buy something this next year. 

Any help is much appreciated.